Dollar rises close to record high in Costa Rica

After several days of calm in Costa Rica's currency markets, the colón began to fall once again against the US dollar, which came within 10 Costa Rican cents of a record high. But the volatility was curbed by central bank intervention.

Friday, May 23, 2008

Costa Rica's banks were offering the US dollar at 528.52 colons on Thursday, up from 522.60 a day earlier. The central bank's reference exchange rate now stands at 523.80 to the dollar, within 10 cents of the 523.90 that prevailed from 14 to 17 October of last year.

More on this topic

Costa Rica: Dollar is Quoted Above Set Bands

February 2009

On Tuesday, the 10th, in the wholesale market (MONEX), the exchange rate reached ¢566.85, surpassing by one colón the set ceiling as determined by the BCCR (¢565.85).

The exchange rate has remained pegged to the upper band in the last few weeks. This situation and the increase in the volume of transactions reflect the resurgence of the demand for dollars.

The dollar takes a break on Costa Rican markets

July 2008

After several days of sharp increases, the value of the dollar remained stable in Costa Rica's financial markets Thursday.

Banks reported that they were selling dollars at an average of 556.53 colons, only marginally up from the 556.27 colons of the previous day.

The dollar takes off in Costa Rica as the colón flounders

July 2008

The value of the dollar has risen by 11 percent against the Costa Rican colón over the last three months.

Yesterday, the exchange rate closed in several banks at 555 to the dollar. The central bank narrowed the band within which the rate is allowed to fluctuate and adopted measures to control liquidity.

Pressure on Costa Rican money markets lifts the dollar

June 2008

As pressure build up on Costa Rica's money markets, the only way seems to be up for the US dollar.

The nation's current account balance is showing a large deficit, and flows of investment – both financial and direct – are down. "There's a combination of factors behind the rise in the dollar's exchange rate," said Andrés Víquez, manager of the Aldesa brokerage.

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